SLEEPY EYE - The Sleepy Eye City Council unanimously approved a $584,062.92 bid from M.R. Paving & Excavating, Inc. of New Ulm for 2014 Snow First and Second Addition Improvements on Tuesday.
The lone bid received for the project was 8 percent above the engineer's $542,677 project estimate. It is unlikely that re-bidding the project will result in more bids or more competitive bids, according to a May 13, letter from City/Consultant Engineer David Palm to Sleepy Eye City Manager Mark Kober.
Project details include mobilization and traffic control, excavation and reshaping existing gravel base, Class 5 aggregate base, wearing and non-wearing course mixture, sanitary and storm sewer, 2,091 square feet of four-inch, concrete sidewalk, 6,681 linear feet of concrete curb and gutter, 40 linear feet of 10-inch, PVC water main, water service, among other lesser items.
The city council also approved:
Crossover refinancing of the City's $2,000,000 Series 2007A Pool and Senior Center General Obligation Bonds with Northland Securities, callable on Feb. 1, 2016 with an Aug. 1, 2014 refunding delivery date in order to save $87,902.02, according to Kober.
"Right now, bonds are at their lowest-ever rate," Kober said. "Our only risk is if bonds go lower. We'll see what the bond market does in the next 60 days. It's a lot of work, but worth it for nearly $90,000. We'll set a (price) floor when we get a resolution."
Net interest cost of bond refunding is 2.2419603 percent with an 8.256 years weighted average maturity, 2.2243959 percent bond yield for arbitrage purposes and an all-inclusive cost of 2.6725151 percent, according to Northland Securities.
A $2,500 Let's Go Fishing Sleepy Eye Chapter funding contribution. Last year, 142 reservations were made for nearly 1,000 passengers.
Sleepy Eye Chapter Treasurer Lorraine Schroepfer wrote in an April 16 letter to the City Council that the pontoon boat drew clients from all over Brown County and Fairfax, Belview, Gaylord, Gibbon, Mankato, Nicollet, Courtland, St. Peter, Wabasso, Redwood Falls and Belle Plaine.
Nobody appealed property taxes to the Brown County Board of Review meeting at the start of the council meeting. Brown County Assessor Rita Treml said Sleepy Eye's residential market values fell less than 1 percent over the past year due to 32 sales. She said Sleepy Eye apartment values rose 2.5 percent in the past year.
(Fritz Busch can be e-mailed at email@example.com).